Reverse a Canceled Loan

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Reverse a Canceled Loan

Overview

With CL Loan, you can also reverse a canceled loan and bring back the loan to its previous state.

Key Concepts

  • Reversal of loan cancellation is done by reversing an Other Loan Transaction (OLT). 
  • When the loan cancellation process is reversed:
    • An OLT of the type Loan Cancellation Reversal Record Type is created.
    • The loan status changes to the previous status.
    • The LPT created for a payoff at the time of canceling is reversed.
    • The LDTs, DTDs, and the Accrual Entries that were marked reversed due to the cancellation of the loan are unmarked.
    • Bills that were marked satisfied due to the cancellation of the loan are unmarked.

Steps to Reverse a Canceled loan

Prerequisites

Before reversing a canceled loan, ensure that the following prerequisite is met:

  • A canceled loan is existing.

Steps

To reverse a canceled loan, perform the following steps:

  1. Login to Salesforce account.
  2. Click the App Launcher .
  3. Search for CL Loan, and then click it.
  4. Click Contracts, and select the required CL Contract ID.
  5. Go to Transactions > Other(s).
  6. Click the required Other Transaction ID that was created for the cancellation of the loan.
  7. Click Loan Cancellation Reversal.
  8. Click Confirm.This creates an OLT of the record type Loan Cancellation Reversal Record Type, and the canceled LPT is reversed.

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